HSBC CEO Threatens to Resign if Not Promoted See full article from DailyFinance: http://srph.it/9L9oCq

HSBC CEO Threatens to Resign if Not Promoted

See full article from DailyFinance: http://www.dailyfinance.com/story/hsbc-ceo-Geoghegan-resign/19643716/

 " Michael Geoghegan the CEO of HSBC (HBC), has threatened to resign from his job if he is not promoted to the position, the Financial Times reported, citing two unnamed people familiar with the bank's succession planning.

a £38 million ($59 million) bonus bonanza earlier this year, executives at Europe's biggest bank are now fighting over the chairman role."

  By tradition Micheal should be promoted.  The amount of money he makes in one year I could live for a life time. My BD 1-5-1942. Is any one worth that much, in the job of CEO he has people working under him and making him look great. These people are worth more than all of the people at the top. Another reason the people at the top want to change position is that they have peaked at the job they are doing. Most executives

have a package which allows them to collect stocks. This amounts the the leader the opportunity "to buy the company". This buying gives the incentive to make the company preform  there by raising the price of the stock. By owning stock in the company the person gains power in choosing the board. Again this makes them a powerful person.

   Still Companies still waste large amounts of money paying their executives these enormous salaries.

The customer of HSBC should demand accountability. if this company can pay these salaries the customers surely are being over charged.

9-22-2010